Pros
Environment encourages learning, as long as the individual has the ambition to seek it out on his/her own. Can be a very creative place to work, as the team-based system allows for all to contribute; however, many ideas never come to fruition because no one has authority and teams are not allowed to exercise it. It is very laid back and casual dress is acceptable. There seems to be very few rules, which is nice, until you are notified that you're in violation of one that you didn't know existed. Overall, the casualness just leads to ambiguity and ineffectual leadership does nothing to draw the boundaries.
Cons
Is not a professional place to work. More reminiscent of children playing in cliques on a playground than grown ups focused on a job to do. Leadership is incompetent and fails to recognize those in the organization who could be catalysts for change and opportunity for the business. Turnover is extremely high for those in "professional" positions, and colleagues often disappear under murky, unknown circumstances, leaving the teams to pick up the pieces of half-finished projects and numerous responsibilities. "Coaches," or Leadership, are often in the dark concerning the goings-on of teams, and most don't even know what the teams they purport to support do. In addition, the Directors of the company fail to share information, leaving the company fragmented and the right hand wondering what the left is up to. It's unfortunate because the place does attract talented, smart people, who could do amazing work if they were more focused on their jobs and less on the politics and games.